Have you ever wondered about all those prices that you see ending in 99p or £7?
And WHY we all do it?
Well – I don’t know anymore. I’ve had enough. And I’m taking a stand!
Psychologically, retailers have always opted for the 99p option, because they feel that £9.99 feels less than £10, or £997 feels less than £1000. On the basis that customers will then be more likely to put their hand in their pocket and buy the thing.
It’s just something we’ve grown up with – that when you go to a shop, most prices will end in 99p.
A few years back, someone then decided that ending in 7p or £7 was even more likely to get a sale.
So loads of things popped up that are £97 or £197 online, or the £37 offer. I’m sure you’ve bought a fair number of courses, products or memberships at $39 or £19 or £47, all designed to make you feel like the price is lower than it is.
But when you look at it logically, you know that actually it’s not the right price. So I’ve decided that I’m not going to do it anymore.
I came to that decision a few weeks back, when I was trying to add up quickly in my head. Adding up the amount of sales that have come through your business is SO much easier, if they’re round numbers. Otherwise, you’re just making work for yourself!
And to be fair, anyone that joins my 1:1 programme and is happy to pay £5997 is also happy to pay £6000, because they understand the value and the results and transformation they’ll get. That extra £3 makes NO difference to them whatsoever and is not going to be the deciding factor in whether they work with me.
So I decided to draw a line under it, once and for all.
I went onto my website and all my checkout pages, and I changed the prices, so they all end now in round numbers. And it feels SO much better! It enables me to add things up so much more easily, when it comes to getting quick clarity on my numbers.
And now, I don’t feel like I’m just going along with the trend. I feel like I’m being more honest. And sometimes in business we have to do what feels right, rather than what everybody else is doing. That’s how I’ve always run my business.
When I went into business in financial services, I knew that historically, the industry has a bit of a bad reputation. PPI endowments, SERPS pensions – all sorts of things that have gone wrong, left people feeling out of pocket and that they’ve been sold something that all felt a bit sleazy.
So I decided I was going to do it differently. That I was going into business to treat my clients fairly and transparently and be nice to them. I did and I’ve built a successful business!
What started as a mortgage and protection business blossomed into Financial Planning. And then with the introduction of Peace Together Money Coaching in 2015, I was able to provide a holistic service to my clients. And they love it! They come back over and over again and tell their friends, and it’s brilliant.
And NONE of that happens because my prices end in a 9 or a 7!
People work with me because they see the massive value in what I do and the results they get. They feel it’s a great opportunity for them and like the relationships that we build.
Many of my clients go on to become friends. And because of the connection we have – I genuinely love to remember the names of their kids and their dog and where they like to go on holiday – it means I can pick up the phone up two or three years down the line and ask how their little one’s getting on at school or how their dad’s knee surgery went.
They’re REAL relationships. I take the time to truly know and understand my clients and what’s important in their lives, because I’ve intentionally created a business that’s friendly and real and people-focused. That’s what matters most to me and supporting my clients brings me real joy.
All this means I want to be 100% fair and transparent. I don’t want to do anything that feels underhand or a little bit dodgy or manipulative. So trying to sell something for £47 or £49.99 that I actually want to charge £50 for doesn’t feel right to me, just because someone says you’ll get more sales if you do. And maybe it’s the same for you.
At one point I was happy to conform to pressure. Now I’ve decided no. I’m stepping into the fullest version of me and aligning everything I believe in my business, in every way.
I suppose my message in this blog is just to look at what you spend on things – because no matter how little it may feel, all those small £19 or £37 things really do add up. Five lots of £19.99 is really 5 lots of £20, which is £100 a month that you can’t then spend on other things.
And when you add these things up, you may realise that you’re spending more money on stuff than you really need or want to.
I’m not saying go out and cancel everything! But just look at your bank statements with an analytical mind and think, do I use this? Do I want it? Do I need it?
If you’re paying £89 a month for Sky but your kids just watch Netflix and YouTube, delete it. Use that money for something else – something you really want! Have a spa day. Put it in your holiday fund. Give it to charity. Just do something with it that actually MEANS something to you and use your money in a more conscious way.
When it comes to money, it really IS the small things and small steps that all add up.
So if you’d love to go deeper and get ALL your financial foundations in place – so that you can effortlessly manage your money and multiply your wealth – do take a look at ROCK Solid™!
It’s my 6-week supported study programme that will enable you to create the financial foundations you need, to live a fun-filled life without ever needing to worry about the money.
It makes a MASSIVE difference by helping you to really understand how the money flows through your business, so you can get yourself organised and set up systems so that you don’t ever feel like you’re running out of money.
Then you’ll be free to get on with growing your wealth further – knowing that your money is making more money and that you’re building a supply of assets to fall back on in the future.
So whether you want to buy your dream home, pay for a holiday or map out your ideal retirement, you’ll have a way to do it without sacrificing your quality of life along the way!
Above all else, it’s about doing what’s right for you (like I’ve done with my pricing!). It’s taking control of your money in a way that makes you feel absolutely confident, certain and in control…
And if you’re ready, I’d love to support and guide you on that journey!
Until next time,